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Russian President Vladimir Putin meets with members of the Security Council and Energy Sector on the situation in the global oil and gas market following the closing of the Strait of Hormuz, the infrastructural damage to oil and natural gas facilities in the Middle East, and the increase in the cost of oil to more than $100 a barrel.
Putin made a series of statements in his short address:
Russia is increasing oil and gas supplies to its reliable partners in several regions of the world;
The Russian Federation will continue to supply oil and gas to those countries that are themselves reliable counterparties;
Global oil prices are rising, having increased by more than 30% over the past few weeks;
Global gas prices are also rising, at a faster pace than oil prices;
The situation with disruptions in energy supplies is affecting the entire system of international economic relations;
Russian energy companies have always been characterized by stability;
Commodity prices are temporary in nature, and Russia understands this.
A proposal on whether to cease all remaining exports of Russian hydrocarbons, liquefied and national gas to Europe since new EE restrictions will ban all purchases by 2027, and whether to direct sales to newer markets.
Recorded May 9, 2026
Original video and transcript -
http://kremlin.ru/events/president/news/79293#vladimirputin #iranisraelwar #straitofhormuz #gasprices #european